Anantara Santorini Abu Dhabi Retreat, UAE
COMPANY PRESENTATION - November 2023
Forward Looking Statement
Statements included or incorporated in these materials that use the words "believe", "anticipate", "estimate", "target", or "hope", or that otherwise relate to objectives, strategies, plans, intentions, beliefs or expectations or that have been constructed as statements as to future performance or events, are "forward-looking statements" within the meaning are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated at the time the forward-looking statements are made. MINT undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. MINT makes no representation whatsoever about the opinion or statements of any analyst or other third party. MINT does not monitor or control the content of third party opinions or statements and does not endorse or accept any responsibility for the content or the use of any such opinion or statement.
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AGENDA
3Q23 and 9M23 in Review
Minor Hotels
Minor Food
Corporate Information
Business Outlook &
"Back to Growth" Strategy
Anantara Mina Al Arab Ras Al Khaimah Resort, Dubai
3Q23 IN REVIEW
3Q23 & QTD Major Developments
MINOR HOTELS | MINOR FOOD | MINOR LIFESTYLE | ||
NH Collection Maldives Havodda Resort, Maldives
Minor Hotels continued to expand its global footprint via
organic hotel openings and strategic acquisitions with 3 new
hotels in the quarter:
- Anantara Koh Yao Yai Resort (managed) was opened in Thailand
- NH Collection Maldives Havodda Resort was opened in the Maldives (an acquisition with a partner- ADFD)
- Oaks Perth (MLR) was opened in Australia
Cross-branding strategy and brand upgrades continued to be
implemented throughout the quarter, expanding brands beyond their traditional markets:
- NH was rebranded to Avani Rio Novo Venice Hotel in Italy
- NH was rebranded to Avani Cancún Airport in Mexico
Minor Food continued its expansion across geographies:
- The Pizza Company: signed Master Franchise Agreement with Palms Food International Singapore to introduce the brand to Singapore in 2024.
- Sizzler: added 10 outlets in Japan following the acquisition of Sizzler brand franchisor worldwide excluding USA, Puerto Rico and Guatemala and signed for its first franchise branch to be opened in Vietnam in the beginning of next year.
Minor Food's product innovation successfully excited the market and created new revenue stream. ie. Dairy Queen
- Premiumization Strategy: highlighted premium category of sundaes and beverages, raising average spend per customer.
- Exciting Campaign Products "Thai Tea, Bamboo Sticky Rice, Ovaltine Volcano Blizzards": some series broke record sales of the limited-time-offerproducts that have ever been launched.
- Minor Lifestyle entered into the increasingly popular world of art toys by opening the first Pop Mart flagship store in Thailand through a joint venture with the brand principal in China.
CORPORATE
- MINT declared an interim cash dividend payment of Baht 0.25 per share to shareholders for operating performance during 1H23.
- MINT completed Thailand's first syndicated sustainability-linkedloan of EUR 500 million.
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3Q23 Y-Y Performance Recap
Core revenue growth of 12% y-y was a result of continued business improvement in hotel and restaurant businesses. Core profit of THB 2.3 billion was a third quarter record-high, a 13% y-y increase over 3Q22 and surpassing pre-pandemic level of 3Q19. All three business units generated positive profits, with Minor Food in the lead on bottom-line growth benefitting from lower raw material costs and efficient promotional spending.
REVENUE | 3Q23 REVENUE CONTRIBUTION | |||||||||||
THB million | +12% y-y | Minor | ||||||||||
Lifestyle | ||||||||||||
Minor | ||||||||||||
50,000 | 1% | |||||||||||
+3,553 | +318 | +1 | Food | |||||||||
40,000 | +562 | 39,887 | 39,888 | |||||||||
35,911 | 35,547 | 20% | ||||||||||
-94 | ||||||||||||
30,000 | -364 | THB | ||||||||||
20,000 | 39,887 | |||||||||||
10,000 | million | |||||||||||
Minor | ||||||||||||
0 | ||||||||||||
Hotels | ||||||||||||
3Q22 | Non-core | 3Q22 | Minor Hotels | NHH | Minor | Minor | 3Q23 | Non-core | 3Q23 | |||
79% | ||||||||||||
Reported | Items | Core | excl NHH | Food | Lifestyle | Core | Items | Reported | ||||
* Excludes non-core items |
NET PROFIT | 3Q23 NPAT CONTRIBUTION | |||||||||||
THB million | +13% y-y | Minor | ||||||||||
5,000 | Lifestyle | Minor | ||||||||||
4,608 | 1% | |||||||||||
Food | ||||||||||||
4,000 | ||||||||||||
26% | ||||||||||||
3,000 | 2,011 | +274 | +185 | -50 | 2,273 | 2,144 | THB | |||||
2,000 | ||||||||||||
-2,597 | -149 | -129 | 2,273 | |||||||||
million | ||||||||||||
1,000 | ||||||||||||
Minor | ||||||||||||
0 | 3Q22 | Non-core | 3Q22 | Minor Hotels | NHH | Minor | Minor | 3Q23 | Non-core | 3Q23 | Hotels | |
73% | ||||||||||||
Reported | Items | Core | excl NHH | Food | Lifestyle | Core | Items | Reported | ||||
* Excludes non-core items 6
9M23 Y-Y Performance Recap
Operational recovery of hotels and restaurants drove core revenue in 9M23 to grow by 27% y-y. Core profit for 9M23 of Baht 4.6 billion was a significant turnaround from the core loss of Baht 360 million in 9M22, a testament to expense optimization and enhanced productivity throughout MINT's hotels, restaurants and corporate offices.
REVENUE | 9M23 REVENUE CONTRIBUTION | |||||||||||
THB million | +3,027 | +27% y-y | Minor | |||||||||
+116 | Lifestyle | |||||||||||
120,000 | +14,637 | 113,501 | 113,617 | Minor | ||||||||
1% | ||||||||||||
100,000 | 89,803 | 89,383 | +6,627 | -173 | Food | |||||||
80,000 | -420 | 20% | ||||||||||
60,000 | THB | |||||||||||
40,000 | 113,501 | |||||||||||
million | ||||||||||||
20,000 | ||||||||||||
Minor | ||||||||||||
0 | ||||||||||||
Hotels | ||||||||||||
9M22 | Non-core | 9M22 | Minor Hotels | NHH | Minor | Minor | 9M23 | Non-core | 9M23 | |||
79% | ||||||||||||
Reported | Items | Core | excl NHH | Food | Lifestyle | Core | Items | Reported | ||||
* Excludes non-core items |
NET PROFIT | 9M23 NPAT CONTRIBUTION | ||||||||||||
THB million | N/A | Minor | |||||||||||
7,000 | Lifestyle | Minor | |||||||||||
2% | |||||||||||||
Food | |||||||||||||
+984 | 4,630 | -207 | |||||||||||
5,000 | +2,051 | 4,423 | 32% | ||||||||||
-81 | |||||||||||||
3,000 | 2,376 | ||||||||||||
+2,037 | THB | ||||||||||||
1,000 | 4,630 | ||||||||||||
million | |||||||||||||
-1,000 | (360) | Minor | |||||||||||
Hotels | |||||||||||||
-3,000 | |||||||||||||
-2,736 | 66% | ||||||||||||
9M22 | 9M22 | Minor Hotels | NHH | Minor | Minor | 9M23 | Non-core | 9M23 | |||||
Non-core | |||||||||||||
Reported | Items | Core | excl NHH | Food | Lifestyle | Core | Items | Reported | * Excludes non-core items | 7 | |||
International Presence
MINT's global presence extended to 63 countries at the end of 3Q23 across its hospitality and restaurant businesses.
Minor Hotels
Minor Food
Combination
100%
75%
50%
25%
0%
REVENUE CONTRIBUTION
50% | 78% | 79% | International | |
Thailand | ||||
50% | ||||
22% | 21% | |||
2016 | 2022 | 9M23 |
*Excludes non-core items
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NH Collection New York Madison Avenue, USA
MINOR HOTELS
Minor Hotels - Financial Highlights
In 3Q23, Minor Hotels posted total core revenue increase of 15% y-y as hotels in Europe, Latin America and Thailand witnessed stronger demand, leading to an increase in room rate. Revenue from mixed-use business also increased by 22% y-y in 3Q23 across most sub-business units. Its core profit increased by 8% y-y to THB 1.7 billion despite higher operating costs.
THB million | 3Q23 Revenue | 9M23 Revenue | |||||||||||||||||||||||||
+15% y-y | +32% y-y | ||||||||||||||||||||||||||
Change (THB) Y-Y | Change (THB) Y-Y | ||||||||||||||||||||||||||
88,730 | |||||||||||||||||||||||||||
67,465 | PERFORMANCE SNAPSHOT - BY BUSINESS | ||||||||||||||||||||||||||
27,508 | 31,624 | Owned & Leased | 18% | 34% | |||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||||
MLR | 9%* | 1% | |||||||||||||||||||||||||
+6% y-y | +38% y-y | ||||||||||||||||||||||||||
Managed | 18% | 18% | |||||||||||||||||||||||||
24,983 | |||||||||||||||||||||||||||
18,067 | 57% | ||||||||||||||||||||||||||
8,748 | 9,272 | Mixed-Use | 22% | ||||||||||||||||||||||||
EBITDA | |||||||||||||||||||||||||||
EBITDA | 31.8% | 29.3% | 26.8% | 28.2% | BUSINESS PERFORMANCE SNAPSHOT - BY GEOGRAPHY | ||||||||||||||||||||||
Margin | 34% | 108% | |||||||||||||||||||||||||
Thailand | |||||||||||||||||||||||||||
+8% y-y | N/A | ||||||||||||||||||||||||||
3,064 | |||||||||||||||||||||||||||
Europe & The | 18% | 31% | |||||||||||||||||||||||||
1,540 | 1,666 | Americas | |||||||||||||||||||||||||
NPAT | |||||||||||||||||||||||||||
Australia & New | 9%* | 1% | |||||||||||||||||||||||||
Net | (-1,024) | Zealand | |||||||||||||||||||||||||
Margin | 5.6% | 5.3% | |||||||||||||||||||||||||
N/A | 3.5% | ||||||||||||||||||||||||||
Maldives & The | |||||||||||||||||||||||||||
3Q22 | 3Q23 | 9M22 | 9M23 | 22% | -6% | ||||||||||||||||||||||
Middle East | |||||||||||||||||||||||||||
* Mainly due to foreign exchange translation | 10 |
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Disclaimer
Minor International pcl published this content on 17 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 November 2023 02:43:02 UTC.